Public debt indexation and denomination, the case of Brazil: a comment

In this work I analyze the model proposed by Goldfajn (2000) to study the choice of the denomination of the public debt. The main purpose of the analysis is pointing out possible reasons why new empirical evidence provided by Bevilaqua, Garcia and Nechio (2004), regarding a more recent time period, Önds a lower empirical support to the model. I also provide a measure of the overestimation of the welfare gains of hedging the debt led by the simpliÖed time frame of the model. Assuming a time-preference parameter of 0.9, for instance, welfare gains associated with a hedge to the debt that reduces to a half a once-for-all 20%-of-GDP shock to government spending run around 1.43% of GDP under the no-tax-smoothing structure of the model. Under a Ramsey allocation, though, welfare gains amount to just around 0.05% of GDP.

Inflation and debt indexation : the equivalence of two alternative schemes for the case of periodic payments

The presence of inflation has induced the financial institutions to implement procedures devised to protect the real values of theirs loans. Two of such procedurcs, the floaaing rale scheme and the monetary correction mechanism, tend to lead to very different streams of payments. However, whenever the floating rate scheme follows the rule of Strict adhercnce to lhe Fisher equation, lhe two procedures are financially equivalent.

Fatores determinantes de sucesso na adoção de softwares livres em empresas privadas: algumas evidências empíricas

Nowadays, the free software has been presented as an alternative to the acquisition structure of proprietors¿ software licenses, being adopted by a large number of companies. This study presents the analysis, through a case study, of a project of proprietors¿ software migration for free platforms. The main purpose was to identify decisive factors of success in the adoption of free softwares for private companies. For this, was used the single case methodology of study, presented by Yin (2005). The theoretical referential approaches issues related to the definitions and the historic of the free software, the resistance to information systems and the change resistance. The idea is to look for the fundamentals to support the researchers understanding of the situations observed in the field. The data found at this research was analyzed using a meta-frame, which has as the main point the Unified Theory of Acceptance and Use of Information Technology, developed by Venkatesh et al. (2003). Also, to complete this meta-frame, were used the Technology Acceptance Model, proposed by Davis (1989), and Interaction¿s Model of system and context of Use, developed by Markus (1983). The researche¿s result has been gotten by the analysis of documentation, interviews, questionnaires, direct observation and participant observation, that made possible the obtaining of valuable group of data on the researched subject. The result of this research allow the establishment of subsidies for the planning and development of project of proprietors¿ softwares migration for free softwares.

Revisão das teorias tradicionais da estrutura temporal das taxas de juro para títulos de renda fixa livres do risco de inadimplência

Faz uma revisão das quatro teorias trandicionais da estrutura temporal das taxas de juro para títulos de renda fixa não sujeitos ao risco de inadimplência: segmentação de mercado, expectativas puras, preferência por liquidez e habitat preferido e aborda a extensão dessas teorias para títulos com pagameno de cupons.

Comments on public debt indexation and denomination, the case of Brazil

In this work I analyze the model proposed by Goldfajn (2000) to study the choice of the denomination of the public debt. Some potential shortcmomings of the mo dei in explaining the data are discussed. Measures of the overestimation of the welfare gains of reducing distortions from taxation, under the model's simplified time frame, are also provided. Assuming a time-preference parameter of 0.9, for instance, welfare gains associated with a hedge to the debt that reduces to half a once-for-all 20o/o-of-GDP shock to governemnt spending run around 1.43% of GDP under the no-tax-smoothing structure of the model. Under a Ramsey allocation, though, welfare gains amount to just around 0.05% of GDP.